Chalet Hotels acquires 158-room Courtyard by Marriott Aravali Resort, NCR

Chalet Hotels (CHL) announced the execution of definitive agreements for the acquisition of 'COURTYARD BY MARRIOTT ARAVALI RESORT, NCR (CYMA), a 158-room resort. The resort is spread over 14 acres of land, elevating the property's potential for enhanced offerings.

CHL has on 29 February 2024 executed the definitive agreement for admission into the partnership viz. 'Ayushi and Poonam Estates LLP', owner of CYMA. The Enterprise Value for the transaction is at Rs 315 crore (to be adjusted for cash on books). CHL will be concluding the formalities shortly.

Since its commencement in June 2022, the resort has been the preferred choice for leisure travelers, MICE and destination weddings. Strategically located within 1.5 hrs. from New Delhi, Gurgaon and Noida, the resort boasts of its easy accessibility to Indira Gandhi International Airport New Delhi.

The property reported an ADR of Rs ~13,500 for the YTD December FY24 with an occupancy of 44%.

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